Quote:
Originally Posted by tophcfa
JM Bullion is a good and reputable company. Any sale of gold or silver over $10,000 is required to be reported to the government. Precious metals are considered collectibles for tax purposes, meaning any capital gains are taxed at the maximum rate of 28% federal tax. At a current price of about $2,625 per Troy ounce, that’s only about 3.8 ounces until you reach the reporting threshold. It would be impossible to sell gold bars and not have it reported to the government. Gold coins are typically 1 ounce, so at current market value, you could sell three coins per day without ever having anything reported to the government. Silver is only about $31.3 per ounce, so you could get away with bars and remain under the reporting threshold.
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Agree that JM Bullion is a legit / reputable company. Closer to home Gainesville Coin (name is a bit of a misnomer, I don't think they are located in Gainesville & I don't think they have a physical location you can walk into to buy/sell metals) is legit.
With regards to the comment above that "you could sell three coins per day without ever having anything reported to the government" while you might be able to get away with that as long as you went to different shops, technically that would likely be considered "structuring" and as such would be illegal / considered tax evasion. I doubt many people would need to sell three coins a day, day in and day out, but I can easily see why someone might want to sell a couple coins a month for pocket money, to pay for gas, groceries, dinner out, etc., and doing that would likely not pop up on anyone's radar...